Does a structured settlement transfer have any advantages
Structured settlements started coming into being during the 1980's, when courts awarded amounts to be paid to plaintiffs and the person charged with this amount could not afford the entire lump sum immediately. Then, the structured settlement was born, where this lump sum would be paid of in a particular schedule of time. This included weekly, monthly or yearly payments depending on the contract signed between the two people in the legal action. Specific dockets would be made out detailing the payment plan. How far we have come since then. We have structured settlement claims happening on a daily basis through our judicial system, more and more people are finding the need to educate themselves on this specific area of expertise.
A structured settlement is generally awarded by a judge, who hears both sides of the story and then decides on an amount to be paid to the plaintiff, this amount is then paid out by the company or person responsible for this specific payment. If you transfer structured settlements to a third party, such as a structured settlement purchasing company or a structured settlement broker, the original owner will still need to make the payments for this docket. However, what are the advantages of structured settlement transfers?
If you transfer your structured settlement, you will be able to have a large sum of money to be able to spend on bills, college tuition or for a new car or a deposit on a brand new home. The options are limitless; it is also beneficial to sell your structured settlement if you want to manage your own investments. Because you have a standard return on investment on your structured settlements, selling your settlements will give you the option to have a large sum of money to manage your investments.
Another reason to sell your structured settlement is if currently you have debt or medical expenses that urgently need to be paid off. In these difficult times during the recession, you will find it will probably be better to actually sell your structured settlement then borrowing money from the bank. With the high interest rates, especially if your credit rating is bad, your interest will be very high. Using your structured settlement plan will be able to afford you the opportunities to not get into further debt and to clear your financial record completely.
The fact of the matter is, having this type of money when you need it, is beneficial to you in terms of knowing that in the future you are financially secure with regards to money problems. However, most importantly, even though it is advantageous to sell your structured settlement, you should always make sure with a structured settlement broker whether or not it is the correct climate for it. Speak to someone you trust or hire a broker to work out the financial implications of selling your structured settlement.
After all, being careful when selling your structured settlement will make sure that in the future, even though you have sold your annuity you have used it in such a manner to better your financial situation.
A structured settlement is generally awarded by a judge, who hears both sides of the story and then decides on an amount to be paid to the plaintiff, this amount is then paid out by the company or person responsible for this specific payment. If you transfer structured settlements to a third party, such as a structured settlement purchasing company or a structured settlement broker, the original owner will still need to make the payments for this docket. However, what are the advantages of structured settlement transfers?
If you transfer your structured settlement, you will be able to have a large sum of money to be able to spend on bills, college tuition or for a new car or a deposit on a brand new home. The options are limitless; it is also beneficial to sell your structured settlement if you want to manage your own investments. Because you have a standard return on investment on your structured settlements, selling your settlements will give you the option to have a large sum of money to manage your investments.
Another reason to sell your structured settlement is if currently you have debt or medical expenses that urgently need to be paid off. In these difficult times during the recession, you will find it will probably be better to actually sell your structured settlement then borrowing money from the bank. With the high interest rates, especially if your credit rating is bad, your interest will be very high. Using your structured settlement plan will be able to afford you the opportunities to not get into further debt and to clear your financial record completely.
The fact of the matter is, having this type of money when you need it, is beneficial to you in terms of knowing that in the future you are financially secure with regards to money problems. However, most importantly, even though it is advantageous to sell your structured settlement, you should always make sure with a structured settlement broker whether or not it is the correct climate for it. Speak to someone you trust or hire a broker to work out the financial implications of selling your structured settlement.
After all, being careful when selling your structured settlement will make sure that in the future, even though you have sold your annuity you have used it in such a manner to better your financial situation.
Source...